Best Buy posts first quarter earnings beat amid discretionary spending pressures

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Go back to Best Buy posts first quarter earnings beat amid discretionary spending pressures

Best Buy (BBY) PT Lowered to $75 at Credit Suisse, '2H Hail Mary?'

May 25, 2023 4:27 PM EDT

Credit Suisse analyst Karen Short lowered the price target on Best Buy (NYSE: BBY) to $75.00 (from $85.00) while maintaining a Neutral rating.

The analyst comments "BBYs 1Q results demonstrates the companys ability to manage the business despite a very challenging environment for CE. That said, QTD trends are softer than expected BBY guided 2Q comps/EBIT margins down -6-8%/~3.0% below FactSet Consensus of down -5%/3.6%, meaning the 2H trends need to materially accelerate which is risky given the weak consumer environment and the potential for... More